Commerzbank reports $1.6 billion loss

SimonKennedy

LONDON (MarketWatch) -- Germany's Commerzbank
CBK, +5.77%
said Monday that its third-quarter net loss widened to around 1.05 billion euros ($1.55 billion) as it also warned that investors in profit participation certificates shouldn't expect a coupon payment for 2009. The bank said its loss was due to 650 million euros of goodwill write-downs and a 900 million euro restructuring charge from the integration of Dresdner Bank. In the third quarter of 2008 it reported a net loss of 285 million euros. Operating profit for the latest quarter was around 120 million euros and core Tier 1 capital was just under 11% at the end of the quarter. The group is expecting a net loss for 2009. Commerzbank said it's not allowed to liquidate reserves to make profit-related payments on equity instruments and holders of profit participation certificates, who are predominantly retail investors, shouldn't expect a coupon payment. Certificates with a nominal value of 570 million euros are currently listed on regulated markets.

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